ACC221Exam02StudyGuidesp08 - Cost-Volume-Profit graphs...

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ACC221 Exam 2 Study Guide. Exam 2 is closed book and closed notes and will consist of 30 multiple choice questions (worth 3 points each) and 1 problem (worth 10 points). Please bring a calculator. No cell phone calculators are allowed. You should be familiar with the following topics Calculation of equivalent units using the weighted-average method. Journal entries in a process costing system. Calculation of costs per equivalent units using the weighted-average method. Production report using the weighted-average method. How fixed, variable and mixed costs behave. Committed vs. discretionary fixed costs. High-low method of estimating mixed costs. Least Squares method of estimating mixed costs Traditional vs. Contribution Margin income statements.
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Unformatted text preview: Cost-Volume-Profit graphs Calculation of contribution margin in dollars Calculation of contribution margin per unit and contribution margin percentage or ratio. Degree of operating leverage Impact on net income of changes in variable costs, fixed cost and sales volume Calculation of selling price Calculation of break-even point Variable costing vs. absorption costing income statements Calculation of unit costs under both variable costing and absorption costing. Calculation of net income under both variable costing and absorption costing. Benefits of variable costing vs. absorption costing Break-even analysis, Target profit...
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